Indy Standard

U.S. Senator Todd Young (R-Ind.) today issued a statement regarding an announcement by the U.S. Department of Commerce that SK hynix will receive up to $450 million in proposed federal incentives under the CHIPS and Science Act. The funds are designated to establish a high-bandwidth-memory advanced packaging fabrication and research and development facility in West Lafayette.

"One of the primary goals of the CHIPS and Science Act was to bring semiconductor manufacturing back to the United States," said Senator Young. "I’m thrilled that this investment is being made right here in Indiana to help our country continue to shore up our domestic supply chain. We cannot afford to rely on China or other countries for components that are critical to our national security."

The announcement follows SK hynix's declaration four months ago of an estimated $3.8 billion investment, which is expected to create more than 1,000 new jobs in West Lafayette.

In addition to the proposed direct funding of up to $450 million, the CHIPS Program Office will also make available up to $500 million in proposed loans under the CHIPS and Science Act loan authority for SK hynix. The company plans to begin mass production in the second half of 2028.

For more information on the CHIPS and Science Act, visit young.senate.gov/chips.